Cryptocurrency prices remain under pressure as a risk-off mood persists on Friday, with Bitcoin (BTC) consolidating its losses above $62,000. Altcoins, including Ethereum (ETH) and Ripple (XRP), are extending their weakness, trading near lower support levels around $1,600 and $1.12, respectively.
Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty.
BNY’s Bob Savage notes that both retail and institutional investors bought the April weakness in US equities, but momentum has faded and exposure to energy and technology is elevated.